Socialism

By Katelyn, Rainie, & Libby

Socialism

By Katelyn, Rainie, & Libby

"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery." -Winston Churchill

What is Socialism?

Socialism is a political and economic theory that advocates that the means of production, distribution and exchange should be owned or regulated by the community as a whole. In layman's terms, this means that the government regulates the economy. It is similar to communism, but a little less controlled.

Characteristics:

Everyone works for the wealth, and in turn there is an even distribution of wealth.

It works on the premise of what is good for one person is good for all.

Everyone works for themselves and the whole.

The government decides what the people do, what they make, and how it is distributed.

There is no market as such, and the government provide for the people.

There may be government-run health care and education. The people pay for this through higher taxes.

Why Socialism Usually Fails

Through history, it has been shown that socialism is failed economic system. It does not equate work with value and it allows people to be lazy and have no incentive to work hard.

Real Life Examples of Socialism

Adolf Hitler in Germany: demonstrated state socialism at its worst.

Joseph Stalin in Soviet Union: lead a corrupt society through socialism.